Behavioral Finance Perspectives on Investment Intention and Decision-Making in Emerging Economies of Asia and Africa: A Systematic Literature Review and Integrated Thematic Framework

Abstract

This study aims to conduct a systematic literature review (SLR) of the key factors influencing the investment intention and decision of individual investors in emerging economies. Using NVivo 12 and the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines, this study systematically examines 46 peer-reviewed articles published in Scopus and Web of Science (WOS) databases covering the period 2016-2025. To present the findings, the theory–context–characteristics–methods (TCCM) framework is used. The findings reveal trends in publications, widely used theories, dominant research methodologies, and influential journals and countries. The findings identify five main themes of investment intention and decision, including psychological and behavioral factors, financial competence, social influence, individual factors, and ESG-related factors. This systematic review provides a roadmap for further scholarly endeavors in investment intention-decision research by identifying gaps and key research themes. The findings offer insights for theoretical advancement and practical implementation, enabling business entities, financial institutions, and policymakers to better interpret investor behavior.